USD/JPY needs to advance beyond 109.20 to gain traction
|USD/JPY is holding below 109.00 without clear directional signs. In the view of FXStreet’s Chief Analyst Valeria Bednarik, the pair is neutral-to-bullish in the near-term.
Japanese data was generally encouraging, but inflation keeps contracting
“Japan published April Tokyo inflation, which resulted at -0,6% YoY, worse than anticipated. Industrial Production in the same month was up 4% YoY, according to preliminary estimates, while the April Jibun Bank Manufacturing PMI was upwardly revised to 53.6. Housing-related data was also upbeat.”
“The US will publish today March Personal Spending and Personal Income and core PCE inflation for the same month. Later into the session, the country will offer the final reading of the April Michigan Consumer Sentiment Index, foreseen at 87.5.”
“The 200 SMA provides dynamic resistance around 109.20, while technical indicators lack directional strength, the Momentum around its midline and the RSI at 58.”
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